Gold price (September 10): Gold prices trade subdued as focus shifts to US inflation

Gold prices in India tracking steadiness in gold price movement in the international markets, traded in a similar fashion.

Investors trimmed their bets for a larger interest rate cut by the Federal Reserve (Fed) in September following the release of mixed US monthly jobs report on Friday, said Neha Qureshi.

Gold prices in India tracking international gold price movement traded steady. At the last count, gold October futures traded higher by 0.08 per cent or Rs 56 at Rs 71,684 per 10 gm, while silver futures gained 0.27 per cent or Rs 224 at Rs 83,869 per kg.

Gold prices have been trading highly volatile of late with COMEX gold still mained at above $2,500 per oz level at $2,534 per ounce.

Investors trimmed their bets for a larger interest rate cut by the Federal Reserve (Fed) in September following the release of mixed US monthly jobs report on Friday, said Neha Qureshi, Senior Technical & Derivative Analyst, Anand Rathi Commodities & Currencies.

According to the CME Group's FedWatch tool, traders see a 71 per cent chance of a 25-basis-points rate cut at the next FOMC meeting on September 17-18 and a 29 per cent chance of a 50-bps reduction.

Traders now opt to wait for the release of the August US consumer price data on Wednesday, which, along with the Producer Price Index on Thursday, could influence Fed rate cut expectations. Overall a rangebound trade is expected to persist with Spot gold may struggling to hold gains above $ 2510 ahead of same, added Qureshi.

Trading strategy in Gold

For MCX Gold (October futures), a sell on rise has been suggested at a price of Rs 70,400 for a target of Rs 69,700, keeping a stop loss of Rs 70,900. For MCX Silver, the buy on dip is advised at a price of Rs 82,000 for a target of Rs 81,000 and stop loss of Rs 81,000.

Get Latest Business News, Stock Market Updates and Videos; Check your tax outgo through Income Tax Calculator and save money through our Personal Finance coverage. Check Business Breaking News Live on Zee Business Twitter and Facebook. Subscribe on YouTube.

Gold price (September 10): Gold prices trade subdued as focus shifts to US inflation

Gold prices in India tracking steadiness in gold price movement in the international markets, traded in a similar fashion.

RECOMMENDED STORIES

Senior Citizen Latest FD Rates: Know what major banks like SBI, PNB, Canara Bank, HDFC Bank, ICICI Bank are providing on fixed deposits

Gratuity Calculator: Rs 38,000 as last-drawn basic salary, 5 years and 5 months of service; what will be gratuity amount?

Retirement Planning: In how many years your Rs 25K monthly SIP investment will grow to Rs 8.8 cr | See calculations

Top 5 Small Cap Mutual Funds with best SIP returns in 1 year: See how Rs 25,000 monthly investment has grown in each scheme

Top 7 SBI Mutual Funds With Best SIP Returns in 1 Year: Rs 25,000 monthly SIP investment in No.1 fund has jumped to Rs 3,58,404

Adani group stocks nosedive: Buy or Sell? Here's what Anil Singhvi says

SBI 5-Year FD vs MIS: Which can offer higher returns on a Rs 2,00,000 investment over 5 years? See calculations

Stocks to buy: Hindustan Aeronautics, Zomato, Tata Tech, GMR Airports among analysts' top picks

Multibagger Defence PSU Stock: Shares to be in focus as company signs new pact - Check targets by brokerage

12x15x20 SIP Formula: How you can build Rs 1 cr corpus in 15 yrs by using this SIP formula | Know here